FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Warner Company’s year-end unadjusted trial balance shows accounts receivable of $103,000, allowance for doubtful accounts of $640 (credit), and sales of $320,000. Uncollectibles are estimated to be 1.50% of accounts receivable.
 
1. Prepare the December 31 year-end adjusting entry for uncollectibles.
  

 


 
2. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $500?
  

 
Wamer Company's year-end unadjusted trial balance shows accounts recelvable of $103.000, allowance for doubtful accounts of $640 (credit).
and sales of $320.000. Uncollectibles are estimated to be 1.50% of accounts recelvable.
1. Prepare the December 31 year-end adjusting entry for uncollectibles.
View transaction list
Journal entry worksheet
Record the estimate of uncollectibles.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Dec 31
Record entry
Clear entry
View general journal
2. What amount would have been used In the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of
$500?
Amount used in the year-end adjusting entry
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Transcribed Image Text:Wamer Company's year-end unadjusted trial balance shows accounts recelvable of $103.000, allowance for doubtful accounts of $640 (credit). and sales of $320.000. Uncollectibles are estimated to be 1.50% of accounts recelvable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles. View transaction list Journal entry worksheet Record the estimate of uncollectibles. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal 2. What amount would have been used In the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $500? Amount used in the year-end adjusting entry
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